중앙데일리

Big technology companies push market higher

Korea’s main bourse ended higher Monday led by gains in large-cap tech and financial shares. The Korean won appreciated against the U.S. dollar.

The benchmark Kospi moved up 12.93 points, or 0.57 percent, to close at 2,285.8. Trade volume was moderate at 5.75 trillion won ($5.17 billion).

The main bourse opened nearly flat but gained ground late in the afternoon, as institutions scooped up large-cap shares.

“Solid U.S. economic data had a positive impact on the local stock market,” said Kim Sung-hwan, an analyst at Bookook Securities. Last Friday, the U.S. Labor Department released statistics showing higher-than-expected on-year employment data for June.

Institutions bought 122 billion won worth of local stocks. Retail investors dumped a net 72.6 billion won while foreigners sold a net 59 billion won.

Financial shares also rallied, with KB Financial Group climbing 1.85 percent to close at 55,200 won. Shinhan Financial Group was up 1.59 percent to 44,600 won.

Steel shares were bearish amid concerns over trade protectionism. Last Thursday, European Union countries backed the European Commission’s proposal to limit steel imports into the Euro zone, following the United States’ decision to slap tariffs on steel and aluminum.